- Based on the DMI applied to the daily chart, LUNA likely to see further losses.
- IOTA loses 48% of its value in 30 days but a potential TD Sequential buy signal might trigger a rebound.
- Anchor Protocol’s sellers are outperforming themselves; declines are set to carry on to $0.15.
Cryptocurrencies across the board have been working around the clock to restore normalcy following a UST-triggered selloff. Meanwhile, Terra’s LUNA, IOTA’s MIOTA, and Anchor Protocol’s ANC were on top of the trending list on May 11, according to price data from CoinMarketCap. The three tokens suffered double-digit losses, led by LUNA’s 65%, IOTA’s 10.9%, and ANC’s 52% declines.
Terra
LUNA just went through the biggest selloff in its history losing over 90% of its value in less than two days. The network was forced to make rushed decisions in a bid to protect its stablecoin UST, which de-pegged from the dollar. Panic selling gripped investors as Terra’s price tumbled into a bottomless pit.
On the other hand, Bitcoin suffered a massive hit as the Luna Foundation Guard (LFG) sold the stablecoin’s Bitcoin reserves. As usual, when BTC price falls, the crypto market generally bleeds.
Meanwhile, Terra’s price exchanged hands slightly below $9 at the time of writing, while buyers fought tooth and nail to retain higher support. According to the Directional Movement Index (DMI), the path with the slightest resistance is downward and this situation is unlikely to change in the near term.
Possibly a recoil may take place if investors put a stop to the selling pressure, especially now that LUNA is experiencing oversold conditions. However, it is important for traders to anticipate further losses to the subsequent support areas at $6 and $4, respectively.
LUNA/USD Daily Chart
IOTA
Although IOTA recorded the least losses among the three trending tokens, it has also been hammered immensely considering a 48% dip over the last 30 days and 81% in 12 months. At the press time, IOTA traded at $0.36 amidst the danger of more impending losses.
The Moving Average Convergence Divergence (MACD) affirmed the bearish outlook with the dive into the negative region. Moreover, a sell signal flashed in the last week of April implied that the odds may continue to favor the downhill exploration mission.
IOTA/USD Daily Chart
On the other hand, the TD Sequential indicator may present a buy signal in the coming sessions or a few days. This calls to investors to cast fear aside and begin to take fresh positions in the token.
A wider scope of the daily chart suggests that IOTA’s price would have to flip $0.4 into immediate support to be able to detangle from the bearish shackles and sustain recovery back to $1.
Anchor Protocol
Anchor Protocol’s price was not immune to the dominant overhead pressure in the market. ANC plunged to $0.25 following the loss of support at $1.5. The token’s prevailing technical picture revealed the possibility of an extended down leg with $0.15 likely to be within reach.
ANC/USD Eight-hour Chart
A keen look at the RSI placed Anchor Protocol at near extreme oversold conditions. In addition to that, the negative RSI divergence could continue calling sellers into the market; thus forcing ANC into a never-ending gains-trimming exercise.
, IOTA (MIOTA), and Anchor Protocol (ANC) are top on the trending list on May 11, according to price data from CoinMarketCap.){kind=link}